Stocks To Watch: Cairn India, Gammon India, Indoco Remedies
The Singapore traded SGX Nifty, an early indicator of Nifty's performance in India, fell 0.3 percent to 9,242.
Your Wednesday morning briefing.https://t.co/E9dosus2Qv pic.twitter.com/tGiWrVZomE
April 12, 2017Here are the stocks to watch out for in today's session:
Tata Power
Issues statement over Supreme Court order on compensatory tariff
Tata Power considers it very unfortunate that neither Regulatory Powers of CERC nor Forced Majeure as adjudicated by Aptel, have been accepted by Hon'ble Supreme Court. However, CGPL would continue to work towards alternatives, including sourcing of competitive & alternative coals to best contain the onslaught of under recovery.Statement from Tata PowerAlso Read: Supreme Court Disallows Compensatory Tariff To Adani Power, Tata Power
Reliance Industries
- Reliance Jio introduces four new plans
- Plan for Rs 309 will offer 1GB data per day for three months for Jio prime members
- Plan for Rs 509 will offer 2GB data per day for three months for Jio prime members
- Plan for Rs 408 will offer 1GB data per day for three months for Jio non-prime members
- Plan for Rs 608 will offer 2GB data per day for three months for Jio non-prime members
- Existing Jio customers who have not done their first recharge will need to do so by April 15, 2017
Also Read: Reliance Jio's New Offer After Summer Surprise Setback
Axis Bank
- Exchanges sought clarification from the bank over news reports of CBI booking officials for Rs 100.57 crore deposits post demonetisation
- Bank clarifies that they have completed preliminary investigations from their end and taken appropriate action against the employees
- Prima facie, the employees were found to be involved
- Bank says that a detailed investigation is underway
Vedanta
- Completes merger with Cairn India
- Fixes April 27, 2017 as the date for determining list of Cairn shareholders to whom the equity and preference shares of Vedanta will be allotted
- Shareholders of Cairn India will receive one equity share and four 7.5 percent redeemable preference shares in Vedanta for each equity share held in Cairn India
- Cairn India shareholders will also receive an interim dividend of Rs 17.7 per equity share as approved by the board of Vedanta on March 30, 2017
.@VedantaLimited, @Cairn_India complete merger to form $15.6-billion market cap entity.https://t.co/T2zTNhMdjo pic.twitter.com/E8Vwfx497t
April 12, 2017Aditya Birla Nuvo
- Shareholders approve amalgamation of the company with Grasim and listing of the Financial service business.
- Merged entity will have a consolidated turnover of Rs 59,766 crore, EBITDA of Rs 11,961 crore and a net profit of Rs 4,245 crore for the year ending March 31, 2016.
Wipro
- Completes acquisition of infoSERVER S.A.
- Acquisition will reflect in the financials for the quarter ending June 30, 2017
Torrent Pharma
- Company informs exchanges that it executed certain agreements with Novartis
- Deal is subject to approval of the Competition Commission of India and other applicable regulatory approvals
- Deal arrangement therefore is not material in nature
Indoco Remedies
- U.S. FDA warning letter recommends engaging a consultant qualified to assist in meeting CGMP requirements
- Letter says that the firm failed to establish and follow adequate written procedures describing the handling of all written and oral compliants regarding a drug projects
- The firm failed to ensure responsibilities and procedures applicable to the quality control unit are followed
Container Corporation of India
- Signs MoU with Container Company of Bangladesh for introduction of container train services between India and Bangladesh
- Train to facilitate international and domestic trade
- CONCOR to also provide technical, managerial, capacity building, training and other required support system to Container Company of Bangladesh
- Support to develop and operations of container trains and inland container depots
Gammon India
- Board approves restructuring plan
- Will be selling Gammon House and 49 percent shareholding in Gammon Power to Gammon Retail Infrastructure Pvt. Ltd.
- Will also transfer 90 percent of its shareholding in Metropolitan Infrahousing Pvt. Ltd. to M/s Franco Tosi Hydro Pvt. Ltd.
- Will be looking to sell 90 percent of its holding in Gammon Transmission, Franco Tossi Hydro and Gammon Retail Infrastructure to one or more investor
- Will also look to divest its shareholding in its indirect subsidiary Preeti Townships at a fair value
- All restructuring proposals will be completed within 12 months.
German union warns Thyssenkrupp against Tata Steel JV.https://t.co/WaxLf15uiR pic.twitter.com/WHuBTTeY4q
April 12, 2017Jammu and Kashmir Bank
- Board of Directors to meet on April 15, 2017 to consider preferential issue of equity shares aggregating to Rs 282 crore to the government of Jammu and Kashmir
- To also consider fund raising through issue of Basel-III compliant Tier-II bonds worth Rs 1,000 crore
- Palred Technologies: To invest Rs 30 crore in LatestOne.com, which will now be valued at Rs 225 crore
- Goa Carbon: Standalone Q4 net profit grew 12.4 times to Rs 5.08 crore while revenue grew 13.2 percent to Rs 76.38 crore
- Dredging Corporation: Says there was no impact of the strike on the company's operations
- IDBI Bank: United forum of IDBI officers and employees have declared a one day nationwide strike on April 12, 2017
- Jindal Steel and Power: Seeks shareholder approval to issue 4.8 crore convertible warrants to promoter group entity and issue 14.2 lakh equity shares to M/s Nalwa Steel and Power Ltd at the current market price of Rs 127.45, looking to raise Rs 630 crore
- NBCC (India): New subsidiary Hindustan Steelworks currently has an order book of Rs 8,000 crore and a debt free company.
- Cera Sanitaryware: Issues commercial paper worth Rs 30 crore, dated April 11, 2017 for working capital requirements of the company
- Reliance Defence: Board approves raising Rs 1,200 crore via rights issue.
The fate of India's world-beating stock-market rally hinges on this routine event. https://t.co/VxuzyZgqNG pic.twitter.com/XpkkZizMg3
April 12, 2017Media Reports
- Adani Enterprises: Australia hints at offering help to the company's mine. (Business Standard)
- CESC: To focus on distribution over power generation. (Business Standard)
- SAIL: Workers of three plants on strike to protest stake sale. (PTI)
- Eros International: Says bollywood streaming unit likely to double. (Bloomberg)
Rushing on digital payments will create security risks, says R Gandhi.@dugalira and @Mayank1029 reportshttps://t.co/hOEsu52a4L pic.twitter.com/G64OZo6aJt
April 12, 2017
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